It has a master suite, with its own bathroom, along with a 9×8 second bedroom in the front of the unit.

In the 7 years since we last chattered about it, the unit has been renovated with updated baths and it has sold a second time, in 2015.

The current owners put in new HVAC in 2016 and there was a new roof in 2018. They also updated the kitchen by replacing the brown/black speckled granite counter tops that were common in the boom with white quartz counter tops and a white subway tile backsplash.

The wood cabinets are the same as those in 2012, however.

This unit has some of its vintage features including tall ceilings and big windows with built-in shutters.

There’s a wood burning fireplace in the living room.

It has the features that buyers look for in 2019 including central air, washer/dryer in the unit and garage parking.

Is this unit now what a “starter” condo in Lincoln Park looks like?

Tabitha Murphy at BerkshireHathaway KoenigRubloff has the listing. See the pictures and floor plan here.

Unit #3E: 2 bedrooms, 2 baths, 1300 square feet

Sold in March 1988 for $164,500

Sold in March 1992 for $181,000

Sold in April 1993 for $183,000

sold in March 1995 for $190,000

Sold in August 2003 for $359,000

Originally listed in January 2012 for $449,000

Sold in September 2012 for $354,000

Sold in August 2015 for $477,500

Currently listed for $515,000 (garage parking included)

Assessments are now $213 a month (they were $175 a month in 2012)

Taxes are now $8533 (they were $5964 in 2012)

Central Air

Washer/Dryer in the unit

Wood burning fireplace

Bedroom #1: 15×11

Bedroom #2: 9×8

Living room: 24×13

Dining room: 13×10

Foyer: 6×6

Balcony: 6×18

]]>http://cribchatter.com/?feed=rss2&p=263543Market Conditions: Luxury Apartment Rentals Hit Record High Price as Condos Stallhttp://cribchatter.com/?p=26346
http://cribchatter.com/?p=26346#commentsTue, 10 Sep 2019 10:09:34 +0000http://cribchatter.com/?p=26346
Other than at the luxury price point such as the Tribune Tower, there hasn’t been much condo construction downtown since the financial crisis.

Instead, developers have been building dozens of new high rises with thousands of apartments.

Crain’s provides a great chart showing just where Chicago falls in terms of apartment rents.

Manhattan is the most expensive apartment market at an average of $6.25, but Chicago’s Streeterville/River North is the only heartland city to be over $3 per square foot at an overall average of $3.09.

And now, the prices are inching up over $4.00 in the Class A buildings. And they are renting.

Crain’s highlights two buildings: the Sinclair which is on Division Street in the Gold Coast (above the new Jewel store) and One Bennett Park in Streeterville.

The bets are paying off so far. The 390-unit Sinclair—where the average two-bedroom apartment rented last month for $4,804, or $4.04 per square foot—is more than 95 percent occupied two years after opening, according to real estate data provider CoStar Group. One Bennett Park, a 279-unit tower that opened in January, is nearly 70 percent leased.

“These people are choosing to rent, and they have disposable income,” says Ron DeVries, senior managing director in the Chicago office of Integra Realty Resources, an appraisal and consulting firm. “There’s also more opportunity for landlords to push up those rents because there’s not as much of an affordability issue.”

According to Crain’s an average 800 square foot 1-bedroom apartment in a Class A building, which is the top tier, rose 53% to $2648 a month over the last 10 years.

But even Class B apartment prices have soared. Class B are usually older buildings which lack some amenities such as in-unit washer/dryer or amenities so they can’t charge as much.

Class B prices are up 45% to $2,208 a month over the last 10 years.

What is also different this time is that the renters are apparently both young professionals as well as empty nesters who have sold their homes in the suburbs and now want to live downtown.

In the past, both groups would eventually be condo buyers.

Here’s what you get in One Bennett Park in Streeterville.

This 2-bedroom, 2 bath has a Robert A.M. Stern Architects designed white kitchen cabinets with Subzero, a Bosch dishwasher, quartz counter tops with waterfall edge.

It has 9’6″ ceilings with plank flooring.

The master bathroom has a double vanity and walk-in shower.

One Bennett Park has luxury apartments on the lower level and luxury condos on the top level. They have different entrances and amenities.

This 2-bedroom is listed for $4515 a month. There’s no square footage listed.

It faces north.

Is the desire to rent, instead of own, a sea change in behavior which could impact condo prices for years to come?

Is buying a condo a thing of the past?

Related is the developer on One Bennett Park. You can see the pictures and amenities here.

514 N. Peshtigo Ct: 2 bedrooms, 2 baths, no square footage listed

Currently listed for $4515 a month

Air conditioning

Electrolux washer/dryer in the unit

Bedroom #1: 12×13

Bedroom #2: 11×12

Living room: 12×14

Dining room: 6×10

Kitchen: 13×9

]]>http://cribchatter.com/?feed=rss2&p=2634615Has Anyone Ever Built a Roof Deck? A Loft at 1439 S. Michigan in the South Loophttp://cribchatter.com/?p=26341
http://cribchatter.com/?p=26341#commentsMon, 09 Sep 2019 14:46:51 +0000http://cribchatter.com/?p=26341

This 2-bedroom duplex loft in Trevi Square at 1439 S. Michigan in the South Loop came on the market in April 2019.

Trevi Square was converted into lofts back in 1995-1996.

I found this Chicago Tribune article from 1995 discussing all the recent conversions of commercial/historic buildings into residential spaces that year.

Hospital to homes. The former St. Luke’s Hospital at 1439 S. Michigan Ave. is being revived as a new residential development called Trevi Square. Founded in 1864, the hospital moved to the South Michigan Avenue address in 1871 and played a role in the relief effort following the Great Chicago Fire.

Construction began on the current structure in 1908. Luxury private rooms included such amenities as fireplaces, vaulted ceilings and large windows.

The brick and limestone structure, featuring 20-foot-high Doric columns, had been vacant since the late 1970s. Recently purchased by Laser & Mirro Development, it has been divided into 69 loft condominiums priced from $130,000 to $185,000.

This loft is on the top floor and has 20 foot ceilings along with exposed brick walls.

It has 64 feet of windows, including windows in both bedrooms.

The kitchen has wood cabinets and stainless steel appliances.

There’s one bedroom on the main floor and the second level has a master bathroom.

There is also a bonus room/loft above the living room which has a spiral staircase that leads to a private exit to the roof.

This unit has roof rights for a 950 square foot private roof deck. But since 1995, it has never been built.

It does also have a 160 square foot balcony off the dining room.

It has the features buyers look for including central air, washer/dryer in the unit and heated garage parking is included.

This loft originally came on the market in April 2019 for $625,000 and has been under contract. But it was also reduced to $574,900.

Has anyone ever built-out a “roof rights” situation after they bought a condo?

Is it a selling point if it’s not built out?

Mark Zipperer at Re/Max Edge has the listing. See the pictures and floor plan (including the rooftop deck plan) here.

This 3-bedroom triplex loft in the Headley School Lofts came on the market in February 2018.

The Headley School Lofts is a conversion of an old public school. It has 12 lofts and attached heated garage.

The building has an elevator and a common roof deck.

The building was converted early in the loft craze, in 1987.

This triplex loft has southwest exposures and 13 foot ceilings with massive windows. It doesn’t appear to have other usual loft features that are found in old factories or industrial spaces like exposed brick.

The kitchen has white cabinets, stainless steel appliances and a breakfast bar.

The master bedroom is on the main floor and doesn’t appear to have full walls to the living room. It does have an attached bathroom with an oversized shower.

The second bedroom is lofted above the main living area and also has interior windows open to the space below.

The third bedroom is in the lower level but it also doesn’t have full walls/doors to the family room which is also in the lower level.

There’s a walk-out terrace from the third lower level bedroom.

The loft has the features buyers look for including central air, side-by-side washer/dryer and heated garage parking is $25,000 extra.

Originally listed at $849,500 in February 2018 it has been reduced numerous times to $649,500 plus $25,000 for the parking.

It sold all the way back in 2003 for $715,000.

The current list price, with the parking, is now $40,500 under the 2003 price.

Is this a deal?

Mario Greco at Berkshire Hathaway KoenigRubloff has the listing. See the pictures and floor plan here.